Pinecone Condos

Property Info:

Location:

Address: 2395 Troop Drive
Town/Suburb/City: Sartell
State/County/Province: MN
Postal code/ZIP: 56377
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Details:

Asking Price: $359,900.00

Contact:

Agent's Name: Jim Pflepsen
Phone Number: (320) 492-1880
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Property Description:

Leased Office Condo/Investment
• 2,780 SF professional office condo in the fast growing community of Sartell
• New NNN lease with national insurance service company
All association dues, management fee, real estate taxes, utilities expenses are paid by Tenant
• Easy management & care of facilities where the landlord has virtually no management duties
Excellent Sartell location in the very successful Pinecone Commons development
• Great visibility from traffic on Pine Cone Road
• All brand new improvements in 2016 - estimated buildout cost $250,000
• Excellent long term investment property priced below replacement cost

This investment property is truly a “hands off” investment - the landlord has very little to no management duties or oversight requirements.
Pinecone Commons has been professionally managed by Ken Olsen CPA since construction. All day to day management tasks and monthly collection of association dues are completed by Olsen. A year end reconciliation is provided to all tenants and annual budgets are also prepared by Olsen.

 

• All association dues, management fee, real estate taxes, utilities, communication
expenses, and maintenance paid by Tenant.
• Annual net rents to Landlord is $22,232, current monthly income is $1,852.67.
• Remaining 55 months of first term = $101,900.00 of net rent.
• Broker projects rent increase February 2022 to $33,348 per year for 5 years; $166,740.
• New construction; poured concrete footings and floors, 2x6 wood frame construction, acoustical tile ceilings, tile entrance and commercial grade HVAC systems.
• Excellent “eye appeal”; wide sidewalks, generous green space, landscaped parking lot and prime customer parking.
• Remaining first term and projected renewal term income is $268,640 over 9.5 years.

 

View the flyer for Pinecone Condos here!